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cloud-based contract management system

Around 80% of all business activities are controlled by contracts. Contracts are an integral part of every company. When you are a startup or an established company most likely, you'll manage hundreds of contracts . These include partnership agreements non-disclosure agreements as well as general employment contracts. equipment and property agreements The list is innumerable. Are you able to effectively manage these contracts? Do you have to rely on paperwork or spreadsheets, as well as other outdated systems? Have you thought about shifting to contracts management software? If yes, then this article can help.

contract management

Before investing in a contract management software, be sure to review the following seven questions to avoid the pitfalls.

software solutions contract management tools

Does the software contain AI capabilities?

contract life cycle management

With the sheer amount of contracts, ensuring uniformity in managing contracts and extracting vital information can be an immense challenge. Companies may not have a uniform method for organizing contract databases. Think about it, your business is home to several procurement contracts that have varying renewal dates and renegotiation terms. A group of people might be required to take hours investigating, reviewing and documenting the data to make sure that the right opportunities are not missed. Instead, if you opt for an AI-powered contract management system, the task can be completed in only a few minutes. Through Doc.AI capabilities, important information such as contracts' titles, renewal dates contract terms, and renewal dates are extracted. This makes it easier to conduct reviewing, approvals, and sign-offs.

software contract management

Then there's more to it. Further, advanced management of contracts systems equipped with AI capabilities will help you review the contract, assess clauses and sort contracts according to the kind of clauses. AI-enabled CMS are also a great aid to keeping up with changing rules. NLP analyzes every document and identifies the risks and opportunities.

solution provider contract management software

Are there templates that are standard for contract draft and editing?

best contract management software

Contracts are among the most tedious things. It is difficult to imagine how complicated it would be to create documents with similar clauses or terms and conditions words, and basically the same content a number of times. And this is why your CMS should support easy-to-use templates and clause libraries that cover a variety of areas. Utilizing these templates, approved by your editorial and legal teams, it is easy to draft contracts that do not have any problems with the language. Plus, the ability to centralize and standardize contract templates means that you can have an entire view of your contracts. You can follow their content using filters that you can customize and interact with peers to discuss and edit them and then store them.

What's the chance of a return on investment? What amount can my company save?

The savings numbers are one of the most powerful argument to make the final decision of whether you should spend money on a contract administration method or no. A study conducted by Goldman Sachs concluded that an automated system for managing contracts can speed up negotiations by 50 percent, reduce the amount of payment mistakes by 75 to 90 percent, lower the cost for managing contract by 10-30 per cent and cut the total number of people required for contract management by 10-20 percent. The fact is, contract management certainly can be a cost-effective choice, if it is chosen properly.

Ideally, you must consider factors such as time spent on audits and tracking renewal dates, decrease in disputes over contracts as well as the creation of new possibilities which will reduce sales cycle.

Are the solutions customizable?

The majority of providers in today's market boasts to provide solutions that are tailored to meet the demands of each organization. However, is this really the case? Instead of spending money on customization, detail down the workflow, crucial processes needing improvement, analyze options with more precise questions.

For instance, in a typical workflow for managing contracts once the contract manager drafts the documents the system then automatically forwards the document to the person who approves. However, rather than relying on this simple characteristic, a tweak can be a notification via email containing the document link sent to the approver. The link should work or work on all devices- smartphones, tablets and computers.

However highly customizable software could become complicated and time-consuming to use. Moreover, the ease of use may be insufficient. It's therefore a great idea to think about what the options are and the expertise of the group that will be using the software , and take the necessary steps to make adjustments.

What are some of the specific features or highlights which could reduce manual work?

With a management tool for contracts, the contracts can be stored in a secure, centrally located and searchable database with user-based access. This ensures compliance to the highest standards and large-scale reports. In particular, contracts could be easily tracked and the procedure of reviewing and signing is streamlined with electronic signatures. Another example would be measurement and analytics. To pull out information on the time it took concluding a contract, people can quickly analyze problems, calculate the number of iterations and then create detailed reports. This will assist in incorporating clause libraries, getting insights into the past performance of the company and decreasing the time to complete a contract.

Another essential feature to search to is redlining in contracts or editing. Redlining refers to highlighting text in order to highlight changes, additions or deletions, as well as approvals and rejections. This feature is extremely useful, especially when two or more users would like to work on the same document collaboratively. It will give you greater ability to review and negotiate contracts.

How easy is it to use and deploy?

A contract management system with a user-friendly interface and easy-to-use functions will be adored by your users. To obtain the maximum benefit in the process of deploying, it is best to connect it to other systems in order to cut down the amount of time spent navigating between different platforms. As an example, integrating CRM with the latest contract software could aid sales professionals to automate transfer customer information, build contracts and route them for approval, as well as being in control of all renewals, expirations and other dates.

The next step is to search for the process of onboarding. Ideal if it's an in-box solution, so that you can move live and go into operation within a couple of weeks' time. Be aware that long deployment cycles are no longer tenable.

7. How will your private information be safe?

The last but not least most importantly, data security is top priority. Because contracts contain highly personal and sensitive data need to be software contract management shielded from unauthorized access . This is to earn the respect of your group whether they are partners, vendors , or even customers. Furthermore, the rising cyber attacks and harmful threats are putting companies at danger of legal fiscal, brand, and financial obligations. If you're planning to retain the trust of the most important business relationships you have Make sure the provider has not suffered any serious security incidents.

Get in touch with our experts by emailing [email protected] to learn what Vuram has to offer in its Contract Management Solution.